Students are racking up more loans during their time at the University.

The amount of student loans owed throughout the nation outweighed the amount of credit card debt for the first time last year, according to The New York Times.

The amount owed in student loans nationally is expected to break into the trillions this year.

With this number on the rise, University students may wonder how their personal debt compares to other students’ and how an excess of debt could affect their future.

The average cumulative debt of an undergraduate at a four-year public institution is $23,227 including the Federal Parent PLUS Loans, according to finaid.org.

The University is faring better than the nation as a whole.

University undergraduates in 2010 were on average indebted $15,938 from any loan program on the University, according to the Office of Student Financial Aid. However, since 2005 this amount has increased by nearly 19 percent.

“We’re glad that our students borrow less than the

national average — no doubt the HOPE scholarship is key in keeping our students’ debt low,” said Robert Tucker, assistant director of federal aid programs for the OSFA. “All students must complete an online counseling session, known as loan entrance counseling, before receiving student loans. And of course, we’re always available for students who have questions.”

In addition to the increase in the amount of student loans, the number of students who take out loans is also rising. Nationally, the percentage of students who borrow money is more than 61 percent, according to finaid.org.

The University is faring better than the nation in this category as well, according to the OSFA. About 45 percent of students at the University have borrowed money at some point during their education.

Despite the successes experienced by the University, numbers are still on the rise. The average amount of debt accumulated by University graduates since 2005 has increased by nearly 19 percent, and the percentage of students who borrow money at the University has increased by a little more than 6 percentage points since 2007.

The steady increase could be attributed to the recent economic decline — which increased costs in many sectors including education — or the increase in the number of students who choose to pursue higher education.

As of fall 2009, there were 34,885 students in attendance at the University. This number is a 7.95 percent increase from the total amount of students enrolled at the University in 2001.

The implications of this increasing amount of debt could be crucial to students who have yet to graduate from the University. With increased tuition, more fees and a decline in HOPE coverage, some students may find it difficult to stay afloat.

“Being in debt is nothing to be proud of,” said Victoria Rivard, an English education major from Marietta. “Sometimes thinking about the amount of money I’ll owe when I graduate definitely overwhelms me.”

The increased amount of debt could mean that graduating students are unable to support themselves even if they do find jobs.

“I’m definitely going to try to get a job straight out of college, but that’s three years away — who knows what the economy will look like then?” Rivard said. “As for now, I’m doing my best to save more than I spend, so that I can pay off my loans as soon as I can.”

The OSFA urges students to limit their borrowing based on the potential earnings of their future careers.

“If students borrow judiciously, student loans are an excellent source of funding for college. Students should research the earning potential of the careers they plan to enter and limit borrowing accordingly,” Tucker said. “Many financial advisers recommend keeping your student loan payments within 10 percent to 15 percent of your monthly income.”

Although debt is increasing, students may choose to look on the bright side and see student loans as an investment for their future.

“I will be in debt for years after I graduate, but I try not to think about that now,” Rivard said. “I try to focus more on my studies so I can get a good job and clear my name of that debt as soon as possible. Getting an education is expensive, but I’m very thankful for the opportunity to get loans.”

UNIVERSITY AND NATIONAL LOANS

• National average debt of undergraduate at four-year public institution: $23,227

• Average debt of 2010 University undergraduates: $15,938

• National percentage of students borrowing money:

61 percent

• Percentage of University students who borrow money during education: 45 percent

Source: finaid.org and the

Office of Student Financial Aid